You could win a writing contest with a stellar essay, but you'll never win one by submitting a great business plan. Starting what will become a successful business takes a lot of imagination while writing out a plan for that business takes research and an ability to accurately make projections. You won't win a writing contest for a good business plan, but you might end up a successful business owner, and that's a good prize, too.
Most essays are written as part of a class assignment, but essays are also written to be included in academic journals or to be published in magazines. The purpose of an essay is to inform readers on a particular topic and writing in essay form allows for several different methods of doing so. Some essays use arguments, some tell stories, and some simply present the facts in order to make the writer's point.
If you want to start your own company, you'll need a business plan to show potential investors and lenders that you've done your research and have made projections about the future of that company that indicates it can be expected make money. A business plan lays out the goals the business owner or owners hope to achieve and describes how they plan to do so.
An essay should include an introductory paragraph with a clear thesis statement that explain the writer's main point. It should also include three or more body paragraphs with topic sentences that relate back to and further explain the main point. Essays also require a conclusion paragraph in which a writer sums up their thoughts. If outside resources are used in an essay, it should also include a bibliography or works cited page.
A business plan should include your goals and a plan for how to reach them. Estimates around the costs to start your business as well as the profits you expect to make are an important part of a good business plan. Information on the product your business will be selling or service you'll offer your customers should also be included. You'll want to use language and offer details to sell others on your business and convince them it can be successful, but you'll also need to be realistic in your projections in order to build trust.
The main difference between an essay and a business plan is the potential results you'll get from writing one. You probably won't get rich writing a great essay, but a great business plan could definitely get you there.